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May 27, 2024
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Phoenix Area Office Property Sells for $53 Mil


In a recent AZ office trade, West Valley Properties Inc acquired The Reserve at San Tan, a 149.3k sf, trophy-quality building in Gilbert, for $53.1 mil ($355.50/sf). Built in 2020, the property sits on a 12.78-acre site at 355 E Germann Rd.

The property was sold by Orsett Properties. Butler Design Group was the shell architect for Orsett, while Phoenix Design One was the interior designer for the project.

The Reserve at San Tan comprises two, three-story multi-tenant office buildings connected by a common area tenant amenity lounge. The property offers high-end spec suites with open ceilings, creative office finishes and abundant covered surface parking. Additional features include monument signage, building signage, tenant lounges, PRESS coffee on-site and conference facilities.

The Reserve at San Tan is located within the Southeast Valley, a submarket that has attracted tenant interest due to its diverse labor pool, access to multiple freeway systems and proximity to new attainable housing. The property presents immediate access to the Loop 202 Fwy via full diamond interchanges at Gilbert, Cooper and Lindsay Roads. Tenants are able to benefit from a three-minute drive or five-minute walk to nearly 40 restaurants and over 1.2 msf of retail at Crossroads Towne Center. In addition, located just 15 minutes north, The Gilbert Heritage District offers a vibrant dining scene.

Newmark Executive Managing Director CJ Osbrink and Managing Director Scott Scharlach led the sale, along with Co-Head of U.S. Capital Markets Kevin Shannon and his team. Executive Managing Director and Market Leader Mike Garlick also played an instrumental role in the sale and has been retained by new ownership to lead leasing efforts at the property. The seller was Orsett Properties, and the buyer was West Valley Properties, Inc.

“This offering generated significant investor interest as a result of its best-in-class new construction, attractive WALT and increased tenant demand,” said Osbrink. “Its location in one of the most active office submarkets in the Phoenix area and status as one of the newest and highest-quality office projects in the region will make it a valuable investment for new ownership.”

The Phoenix Metro office market has held on strong, according to Newmark Research, avoiding many of the obstacles other large metros across the country have experienced due to impacts of COVID-19 on the office sector and the economy overall. Despite heightened vacancy compared to pre-COVID-19 rates, the Phoenix office market has not returned to the elevated vacancy experienced as recently as 2016 and 2017.

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